NRGV · Energy Vault Holdings, Inc.

Energy Vault's first quarter 2026 results underscore a transformative shift to an energy infrastructure platform provider. Revenue surged 156% year-over-year to $21.9 million, driven by higher energy storage product deliveries and initial contributions from owned and operated assets. GAAP gross profit of $4.8 million was relatively flat year-over-year, reflecting an evolving revenue mix toward product deliveries and early-stage asset contributions, compared to prior-year IP-related revenue that yielded a 57.1% GAAP gross margin. Adjusted gross profit increased 25% to $6.1 million, with adjusted gross margin of 27.9% after removing Asset Vault depreciation. Net loss widened to $32.5 million from $21.1 million, driven by higher depreciation, interest expense, and non-recurring debt extinguishment costs. Adjusted EBITDA loss increased to $13.6 million from $11.3 million, reflecting additional development expenses and personnel costs tied to the Own & Operate and AI power infrastructure strategy. Management highlighted a record backlog of $1.35 billion, up 108% year-over-year, with over 80% recurring high-margin IPP revenue. MW under management surged to 1.1 GW, up over 500% year-over-year. The company reaffirmed full-year 2026 guidance, projecting revenue of $225-$300 million, gross margin of 15%-25%, and year-end cash of $150-$200 million. Strategic highlights include entry into the Japanese market with an 850 MW BESS portfolio acquisition, expansion of the U.S. asset portfolio, and progress on AI compute infrastructure projects. The Own & Operate portfolio now exceeds 1 GW, expected to generate over $180 million in annual recurring EBITDA, ahead of prior guidance. The company completed a $150 million convertible notes offering and repaid $45 million in higher-cost debt, ending the quarter with $117 million in cash.